International Finance Corporation (IFC), a member of the World Bank Group, supported private sector development in Armenia by investing a record $80 million in the country during the last fiscal year while advising companies in areas from energy efficiency to food safety.

IFC invested in six projects that helped local banks extend lending to smaller businesses and agricultural companies, key drivers of the Armenian economy. Other IFC projects focused on creating jobs, combating climate change and helping Armenian firms access international markets, IFC Armenia Office press service reported.

“In the last few years we have increased our support to Armenia to help address the consequences of the global economic crisis,” said Thomas Lubeck, IFC Regional Manager, South Caucasus. “We will continue supporting small and medium enterprises, promoting energy efficiency, and helping banks address the impact of economic uncertainty in European financial markets.”